Research carried out by Canada Life has suggested that a significant amount of individuals ‘do not know the threshold’ for the standard inheritance tax (IHT) nil-rate band. Canada Life found that 70% of those surveyed did not know the standard … Find out more »

Chancellor Philip Hammond has commissioned the Office of Tax Simplification (OTS) to review the UK’s inheritance tax (IHT) regime, and outline ways in which the tax can be simplified. In a letter to Angela Knight, Chair of the OTS, and … Find out more »

Probate Services

As specialist probate accountants, we will deal with all aspects of Probate and Estate Administration we will:

Research and asses the value of the deceased’s Estate

Prepare Inheritance Tax accounts

Deal with Income and Capital Gains Tax liabilities of the Estate

Gather assets and pay creditors

Advise beneficiaries and executors of the tax implications connected with selling any assets

Prepare tax returns for personal representatives

Provide final Estate accounts

Our fees

Our fees are calculated on a time basis dependent on the complexity of the work involved. However the fee will be capped at 1.5% of the gross value of the Estate (2% in the case of foreign assets). This ‘fee capping’ lets you know the absolute maximum that the job will cost and gives us an incentive to ensure that the work is carried out efficiently with Probate obtained and the assets of the Estate distributed as soon as possible.

Stage 1 – Obtaining the grant of Probate

This is an information-gathering exercise to prepare the Inheritance Tax Account and the Executor’s Oath. This stage follows immediately after the death of the testator so it may be a time of stress for the immediate family and the overall picture of the Estate may not yet be clear. Nevertheless, important decisions may have to be taken and we will advise and guide you through these.

Stage 2 – After Probate is Granted

This is an active period during which the Grant of Probate is registered with all the asset holders, debts are paid and assets may be collected in or sold. There can be queries from the Capital Taxes Office about the value of the Estate. If the assets are clearly sufficient, the Executors will authorise the payment of legacies, and where possible a payment on account (“Interim Distribution”) is made to each of the beneficiaries. One or more of the beneficiaries may consider altering the Will (or the effect of the intestacy rules) by means of a Deed of Variation.

Stage 3 – Review

This may be the most protracted part of the Administration. There may be lengthy negotiations with the Capital Taxes Office over the valuation of assets in the Estate and the calculation of Inheritance Tax. If the Beneficiaries have decided to enter into a Deed of Variation it is prepared at this stage.

Stage 4 – Accounting and Final Distribution

The value of all the assets and debts will have finally been settled with the Capital Taxes Office. Inheritance Tax will have been paid and an application for a Clearance Certificate made. Accounts can then be drawn up to show money received and paid by the Executors and what funds are due to the Beneficiaries. The Probate Practice will then make final payments and generally tie up all loose ends and finalise all matters to complete the administration.

Additional Services

We can also arrange for professional valuations to be carried out on property, jewellery and works of art. This is an area where Probate is often held up, however, we will ensure that the valuations are carried out quickly and do not hold up the process in any way.

Authorised by the Institute of Chartered Accountants in England & Wales to carry out the reserved legal activity of
non-contentious probate in England & Wales. Details of the firm’s probate registration can be viewed at icaew.com/probate under the firm’s
reference number which is C004104201